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MCB RESOURCES LIMITED (MCB)

Click here for free access to this company's:
ASX, Legal & CGT Status

Former (or subsequent) names

 FROMTO
MCB RESOURCES LIMITED07/02/2020
KALIA LIMITED21/09/201707/02/2020
GB ENERGY LIMITED21/09/2017

Shareholder links

Our website ranking of MCB: rating 5
(5 out of 5)
COMPANY WEBSITE:

 

REGISTRY:
Advanced Share Registry Services, 110 Stirling Hwy, Nedlands WA 6009
Tel : +61 8 9389 8033
Fax : +61 8 9262 3723
RegistryWebsite RegistryEmail

Company details

ISIN: AU0000077794
Address: 2A / 300 Fitzgerald Street North Perth WA 6006
Tel:  08 6424 8524 Fax: 08 9325 1238

Date first listed: 07/06/2007
Company Secretary: Catherine Grant-Edwards, Melissa Chapman
Sector: Energy
Industry Group: XEJ
Activities: Exploration of precious and energy metals

Shareholders in this company should consider crystallising a capital loss in 2021/22 by selling their worthless shares. From 1 October 2021 we have made this process much easier and quicker. It can now be achieved online by entering transaction details here. While this usually makes good economic sense, we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

01/10/2021

delisted from the close of trading on Friday, 26 February 2021, pursuant to Listing rule 17.15.

26/02/2021

we understand the company failed to pay its annual listing fees by close of business on Friday, 26 February 2021

26/02/2021

Under Listing Rule 17.6, any entity (if not already suspended) that has not paid its annual listing fees by close of business on Friday, 19 February 2021 will have its securities suspended from official quotation before the commencement of trading on Monday, 22 February 2021. The company has not paid the second instalment of its annual listing fees in respect of the year ending 30 June 2021 but the securities are already suspended from official quotation.

22/02/2021

For the past several years, the Company's financial position has been reliant on the ongoing support of Tygola Pty Ltd (Tygola), which company has continued to provide secured finance facilities. The Company has for several months been endeavouring to secure the ASX's consent to a recapitalisation strategy. The Company understands it needs to complete its recapitalisation prior to it seeking to have the ASX suspension lifted. Given the licence and exploration uncertainties referred to above, the Company is uncertain how long it might take to successfully undertake a recapitalisation. In the meanwhile, the Company is incurring the costs of being an ASX listed company without its shareholders being able to trade their securities on the ASX. Tygola has advised the Company that while it presently intends to continue to fund exploration and operating activities, it will no longer support the costs associated with the Company being listed on the ASX in circumstances where the Company's shares are suspended from trading. The Board has reached out to the Company's major shareholders to see if they would be prepared to fund the costs associated with the Company remaining listed on the ASX, but each of them has declined to do so. On the other hand, they were supportive of the Company becoming an unlisted public company. Accordingly, the Company has advised the ASX that it will not be making payment of its listing fee which fell due for payment on 31 January 2021. Under the ASX Rules, "ASX will remove the entity from the official list at the close of trading on the 20th business day after the due date. ASX will not waive this rule.", and therefore the Company accepts that it will more than likely be removed from the ASX's official list by the end of February 2021.

01/02/2021

The company lodges its Quarterly Activities and Cashflow Report.

27/01/2021

MCB Resources and Tygola are unable to extend the 30 September 2020 repayment term in accordance with the loan agreements unless and until the Borrower seeks and obtains the approval of its shareholders under ASX Listing Rule 10.1 at a general meeting. The Borrower intends to convene a General Meeting as soon as possible, but no later than 28 February 2021. The Lender has provided comfort to the Borrower that it will not take action to enforce its first ranking security until such time as the General Meeting has been held, or 28 February 2021, whichever is the sooner. The company has fully drawn down Facilities 1, 2 and 3, and a portion of Facility 4 for a total of $7.94 million, leaving a total of $2.56 million available under Facilities 4 and 5.

22/12/2020

The company requests that the voluntary suspension extend until the earlier of the release of the announcements regarding the status of its exploration licences in Bougainville and its recapitalisation strategy, or prior to the commencement of trading on Monday 1 March 2021.

22/12/2020

The company releases its Replacement Constitution.

30/11/2020

The company releases the results of its meeting.

30/11/2020

The company will hold its AGM at 9:00 am (WST) on 30 November 2020 at Steinepreis Paganin Lawyers and Consultants Level 4, The Read Buildings, 16 Milligan Street, Perth WA 6000.

30/10/2020

The company lodges its Quarterly Activities and Cashflow Report.

15/10/2020

The company lodges its Annual Report 2020.

30/09/2020

The company releases its Appendix 4G and Corporate Governance Statement.

30/09/2020

On 29 September 2020, the Borrower (being MCB Resources) and the Lender (being Tygola) have agreed in principle to a further loan of $1.5 million, a loan extension and repayment schedule whereby the full loan amounts will convert to equity over a prescribed timeframe as part of the Company's recapitalisation strategy. MCB Resources and Tygola are working in good faith to resolve a clear path forward, to define the terms of conversion, and to finalise detailed documentation. The parties are unable to extend the 30 September 2020 repayment term in accordance with the loan agreements unless and until the Borrower seeks and obtains the approval of its shareholders under ASX Listing Rule 10.1 at a general meeting. The Borrower intends to convene a General Meeting as soon as possible, but no later than 31 December 2020. The Lender has provided comfort to the Borrower that it will not take action to enforce its first ranking security until such time as the General Meeting has been held, or 31 December 2020, whichever is the sooner.

30/09/2020

The company requests that the voluntary suspension extend until the earlier of the release of the announcement regarding teh sttaus of its exploration licences in Bougainville and its recapitalisation strategy, or prior to the commencement of trading on Friday 1 January 2021.

30/09/2020

The company lodges its Quarterly Activities and Cashflow Report.

30/07/2020

Tygola has agreed to continue to support the company by providing the company with an extension of its loan facilities through to 30 September 2020.

25/06/2020

The Company requests that the voluntary suspension extend until the earlier of the release of the announcement on the status of the Company's exploration licences in Bougainville, or prior to the commencement of trading on Thursday 1 October 2020.

15/06/2020

The company releases an Investor update presentation.

05/06/2020

The voluntary suspension is requested pending an announcement by the Company regarding the status of its exploration licences in Bougainville. The Company requests that the voluntary suspension extend until the earlier of the release of the announcement, or prior to the commencement of trading on Monday 15 June 2020.

30/04/2020

The company lodges its Quarterly Activities and Cashflow Report.

22/04/2020

Short Wavelength Infrared has defined strong phyllic alteration assemblages spatially associated with previously mapped intrusive phases and broad copper mineralisation at Melilup. Chlorite temperature proximators (FeOH 2250nm wavelength position) vector in towards diorite intrusives, a conspicuous NW-SE striking fault and silicic alteration mapped by company geologists. Chlorite 2250 nm wavelength position adjacent and within Batu Hijau pit shell typically between 2243 and 2250nm (Melilup on periphery of shorter wavelength). Potassic white mica (phyllic alteration) associated with dioritic phases located within a NW-structural corridor (arc-parallel) and equally in a NE-SW direction (arc-normal) toward Fathom Target 1 indicates similar broad structural setting to Panguna Copper Mine (at the intersection of arc parallel and arc normal structures, see SEG paper by Agnew, 2018), ~100km to the south. Alunite float sample obtained on eastern limb of Eric's River indicates advanced argillic alteration characteristic of the upper portions of porphyry related systems, where high temperature low ph conditions dominate alteration fluids. Assay results for surface geochemical samples collected in Dec 2019 have been reported previously, and are consistent with the alteration profile suggested by the SWIR study.

16/04/2020

Recent rock chip sampling results from Melilup have defined an open-ended NWtrending copper anomaly with minimum dimensions of 800m x 50m. 13% of the assays returned copper values greater than 500ppm Cu, with 3% reporting above 1000ppm Cu (including a peak value of 2135ppm Cu). "“ Spectral analysis of rock chips to define vectors toward mineralisation is in progress. Planning is underway for additional rock chip sampling, mapping, ground geophysics and soil survey work to define drill targets.

06/04/2020

The company releases an Appendix 2A.

02/04/2020

The company requests that the voluntary suspension extend until the earlier of the release of the announcement regarding the status of the company's exploration licences in Bougainville, or prior to the commencement of trading on Thursday 30 April 2020.

01/04/2020

The company releases a notice of Proposed issue of Securities - MCB.

25/03/2020

The company has reached agreement to settle claims by former director Mr Terry Larkan in connection with his employment. Pursuant to the terms of the settlement, Mr Larkan is entitled to a payment of $29,893 in cash and is to be issued 550,000 ordinary shares by 3 April 2020. The shares will be subject to voluntary escrow for a period of twelve months from the date of issue.

25/03/2020

The company requests that the voluntary suspension extend until the earlier of the release of the announcement regarding the status of its exploration licenses in Bougainville, or prior to the commencement of trading on Wednesday 1 April 2020.

09/03/2020

The company lodges its Half Yearly Report and Accounts.

28/02/2020

Tygola has agreed to continue to support the company by providing the company with an extension of its loan facilities through to 30 June 2020. Save for Tygola having the option of converting $1 million of "Facility 2" at $0.40 per ordinary share, all loans are payable in cash and bear an interest rate of 10% per annum and attract a facility fee of 5%. The company has fully drawn down "Facilities 1, 2 & 3", for $6.0 million, leaving a total of $3.0 million available under "Facility 4", with all loans due and payable on 30 June 2020. This funding and support will allow the company to pursue its previously announced recapitalisation strategy.

17/02/2020

The company requests that the voluntary suspension extend until the earlier of the release of the announcement regarding the status of its exploration licences in Bougainville or prior to the commencement of trading on Monday 9 March 2020.

17/02/2020

name changed from Kalia Limited

07/02/2020

ASX Announcements (courtesy of ASX)

 

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNATURENUMBERPRICEAMOUNT
    02/09/2016Graeme KirkeOn market1,371,000$0.004$5,484
    14/06/2016Graeme KirkeOn market6,442,510$0.004$29,151
    25/05/2016Graeme KirkeOn market16,529,900$0.005$83,059
    25/05/2016David DetataOn market2,980,000$0.005$15,120
    25/01/2016Graeme KirkeOn market3,478,350$0.004$13,939

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Anna MacKintoshCOO27/02/2009
    Phillip HartogCFO29/03/2018
    Sean O'BrienNon Exec Director11/05/2018
    Jonathan ReynoldsNon Exec Director22/07/2019
    Mike JohnstonExecutive Director22/07/2019

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    David JohnstonChairman18/09/201721/12/2020
    Terry LarkanManaging Director28/09/201709/08/2019
    Peter BattenTechnical Director 09/01/201805/08/2019
    Nick BurnExecutive Director10/10/201609/01/2018
    David DetataNon Exec Director22/04/201626/10/2017
    Stuart RechnerChairman20/11/201328/09/2017
    Graeme KirkeExecutive Director25/07/201110/10/2016
    Patrick GlovacNon Exec Director01/10/201422/04/2016
    Gordon HartExecutive Director04/08/201030/09/2014
    Russell BarnettNon Exec Chairman21/10/200907/08/2014

    Date of first appointment, title may have changed.